A week ago, we reported that the price of fuel was about to surge past R20 a litre and so here we are, numbers in hand and safety belts fastened for a wild ride at the pumps.
The price of petrol, both 93- and 95-octane, will increase by 53c a litre, with the price of diesel increasing by around 80c a litre. The price of illuminating paraffin will see a R1,01 per litre increase and the maximum retail price for LPG will be lowered by R1,24.
Our fuel prices in South Africa are determined by the dollar-rand value due to the fact that we purchase oil in dollars. Stronger global demand for Brent Crude oil, as well as the travel sector seeing further growth have seen the price of oil increase – another factor to consider here.
Gwede Mantashe, Minister of Mineral Resources said, “Concerns regarding the tension between Russia and Ukraine have also affected crude oil prices negatively as the area is a crucial oil and gas infrastructure hub.”
It is worth noting that the strengthening of the rand against the dollar over the past month has helped to limit the impact of the increase in Brent Crude pricing.
February 2022 fuel pricing will be as follows;
95 Octane – R20,14
93 Octane – R19,89
500 PPM diesel – R18,04
50 PPM diesel – R18,07
Illuminating Paraffin – R11,97
